Wikipedia co-founder says Bitcoin doesn’t work, BTC community claps back

Wikipedia co-founder Jimmy Wales took to X (formerly Twitter) on Dec. 11 to take a potshot at Bitcoin, crowing that while many users have lost their Bitcoin because they forgot their BTC wallet passwords, he’s never lost any money due to mislaying his bank password.

Wales’s comments didn’t resonate well with the wider Bitcoin and crypto community, who snapped back at the Wikipedia co-founder about its dependence on donations to run day-to-day operations.

In his X post, Wales sarcastically claimed that he forgot the password to his bank account and lost all his cash, only to then mock the BTC community by adding, “Actually, that didn’t happen because banks work and Bitcoin doesn’t.”

The Bitcoin community blasted the Wikipedia co-founder for taking an unprovoked potshot at BTC and reminded Wales that while banks might work, they’re not for everyone, and there are many people around the world who don’t have access to banking services.

Alex Gladstein, chief strategy officer at the Human Rights Foundation group, reminded Wales that banks work decently in countries with the rule of law and strong currencies. He added that only about a billion people out of the world’s population of 8 billion have access to banking services.

Lyn Alden, the founder of Lyn Alden Investment Strategy, said even those with bank accounts aren’t secure at all times, citing the example of a Lebanese doctor who lost 95% of the value of their savings as a result of hyperinflation.

Bitcoin proponents like Samson Mow went on the offensive and remsneered atin the Wikipedia co-founder about the plight of his firm that depends on donations for its survival. Mow said if Wikipedia just “bought Bitcoin a few years ago as I suggested, you wouldn’t have to beg for donations every year in perpetuity.”

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A few others pointed out the centralization expected of the banking system and reiterated that it doesn’t work for everyone.

Danny Scott, CEO of Bitcoin exchange Coin Corner, told Wales that he is comparing two different things. He noted that the scenario is more akin to a user forgetting his password to a Bitcoin exchange, in which case they could reset it, like a bank. He added, Physically storing the cash yourself would be a better example, but you lose that, and it’s gone, the same as Bitcoin.”

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